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Future Efforts: Digitalization: Automation of the supply chain. Investment in data, enabling large-scale digitalization across the entire value chain (from procurement to factory management, including transportation and market placement).

Key Takeaways Possible consolidation in the streaming market will benefit NFLX with better negotiating leverage Internal initiatives of ad-plans and paid sharing will drive user and revenue growth ARPM will increase due to future price increases and advertising revenue Advertising dollars will transition from Cable TV to NFLX as its ad-supported members base grows Discipline on content costs will increase net margins and push future earnings and cash flows higher Catalysts Industry Catalysts Consolidation Of Content In The Streaming Market After 25 years of expensive growth, Netflix has now become the most dominant, profitable streaming player in the world. With 238m subscribers, trailing 12 month revenues of $32bn and cash flows of $4.6bn (all as of June 30 2023), the company has reached scale economics that allow the streaming model to work profitably.

Key Strategic Actions Multi-Tenant Retail Sale Completed Final two phases closed; portfolio simplified, $6.5M annual G&A savings, ~$30M recurring capex reduction. Credit Rating Upgrade S&P: Corporate rating raised to BB+ ; unsecured notes upgraded to investment-grade BBB-.

VFD Group Plc delivered a strong financial performance for the half year ended June 30, 2025, showing significant top-line growth, improved profitability, and robust asset expansion. The Group's gross earnings rose by 44% YoY to ₦41.17 billion (H1 2024: ₦28.59 billion), driven by solid investment income and net gains on financial assets.

Saul Centers posted Q2 2025 results showing healthy top-line growth but softer profitability as new development lease-up costs weighed on earnings. Strengths / Catalysts Revenue Growth: Total revenue rose to $70.8M from $66.9M a year ago (+5.8%), driven by incremental rent from Twinbrook Quarter Phase I and base rent growth in the existing portfolio.

Vaalco Energy delivered a mixed Q2 2025 performance, reflecting strong operational execution but facing headwinds from weaker commodity prices. Strengths / Catalysts Production Beats Guidance: NRI production averaged 16,956 BOEPD, exceeding the high end of guidance, with sales volumes also above expectations.

Ecobank Group has demonstrated strong operational and financial resilience in the first half of 2025, delivering robust double-digit growth across all key performance metrics. The group’s diversified pan-African presence and strategic focus on digital banking, cost management, and customer acquisition are paying off, making it an attractive investment opportunity in the financial sector.

MTN Nigeria has delivered a remarkable turnaround in H1 2025, with a profit after tax of ₦414.86 billion, compared to a loss of ₦519.06 billion in H1 2024. This rebound is primarily driven by strong revenue growth, operational efficiency, and the absence of last year’s severe foreign exchange losses.

FCMB Group Plc H1 2025: Robust Growth in Core Banking Operations Despite Rising Costs Key Highlights: Gross Earnings Surge : FCMB posted a 41% YoY increase in gross earnings to ₦529.2 billion in H1 2025, reflecting improved interest income and a solid performance across its business units. Strong Net Interest Income : Net interest income nearly doubled to ₦207.4 billion (up 95%) driven by a 70% growth in interest and discount income to ₦458.4 billion.